Panama and Suez Canals offer cost reductions for COVID-19
While the COVID-19 pandemic continues to affect and disrupt industries, jobs, lives, and economies around the world, there also seems to be a good fightback from the various industries, governments, and organisations.
Shipping lines have been offering time-sensitive cost-saving options for COVID-19 along with some relief in demurrage and detention charges etc.. Governments have been given tax breaks and business rescue packages to those most affected.
Now it seems to be the turn of the two main canals that serve the shipping and freight industry – the Panama Canal and the Suez Canal.
These canals save shipowners costs in terms of the transit, in terms of fuel costs, and also assists in reducing the carbon footprint of the transiting ships but of course both these canals have toll charges for the transit of ships.
How sanctions affect shipping companies and trade
The dictionary defines Sanctions as “Sanctions are measures taken by countries to restrict trade and official contact with a country that has broken international law.“.
Whether economic or political in nature, Sanctions have a real impact on the economy and can affect the interests of those engaged in businesses including international shipping.
The US and EU imposed sanctions on Russia due to the latter’s aggression against Ukraine.
Here is a look at the impact of these sanctions on the interests of shipping companies.